Second Quarter GDP Upwardly Revised from 2.6% to 3.0%

31/08/2017

The Federal Reserve Bank of Atlanta's GDPnow model is predicting a third-quarter growth rate of 3.4 per cent. Growth has averaged a little over 2 per cent a year since the recession ended in mid-2009. However, private economists and the nonpartisan Congressional Budget Office believe that forecast is unrealistic.

US Treasury Secretary Steven Mnuchin has previously stated that GDP growth of 3 percent would be very achievable for the Trump administration though tax and regulatory reforms.

The report said consumer spending on wireless phones and their associated services pushed intellectual property investment up 4.9 percent.

This was the second of three estimates the government will provide for second quarter growth.

Consumer spending, which makes up more than two-thirds of the US economy, grew at a 3.3 percent rate, the fastest in a year, reflecting more spending on motor vehicles, cellphones, housing and utilities than previously estimated. The general picture of economic growth remained the same. Following just 1.2% GDP growth in the first quarter, the economy would need to continue growing at this pace to hit Trump's mark on an annual basis for this year.

Spending by governments, which had grown 0.7 percent in the initial estimate, was revised down to 0.3 percent.

Even with the expected upward revision, GDP growth is still falling short of the optimistic goals President Donald Trump hopes to achieve through tax cuts, regulatory relief and tougher enforcement of trade agreements. Trump submitted a budget to Congress in May that was based on achieving growth rates in coming years of 3 percent on a sustained basis. However, analysts believe the pace of growth will bounce back once the rebuilding begins and oil refineries get back to full production, bringing down prices. The economy will also be boosted by higher spending on the military and infrastructure projects, he said.

"The impact on the national economy will be minor", said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh.

Federer meets American Frances Tiafoe . "I felt like I could compete and beat anyone during this period of time". You never know what can happen in the future, but playing again with those long trousers is not going to happen.

After those first two sets, which were quite good considering I haven't played, just dropped little bit with my game. On Saturday night, Federer struck an upbeat tone: 'I have been on the practice courts since last week.

For example, a user can say "Alex, play classical music for studying", or "Alexa, play the new Justin Bieber song". You can now use it to create groups with two or more Echo devices by naming the group, such as "downstairs".

Cynthia Kimball said her son John Hoagland "loved the Navy" and "thought that the Navy was definitely the place he needed to be". Last Monday, the USS McCain became the second US guided-missile destroyer to collide with a commercial vessel in as many months.

Funding: The shelter has more information on how you can donate, and how your contributions will help, on their website here. The Austin Humane Society said it took in 62 animals over the weekend, sending about 60 animals to foster volunteers.

Hurricane Harvey may not have wreaked absolute havoc as a storm, but the aftermath it left behind is awful for the state of Texas. So we can assume the stark message above was intended for people who did not leave in the face of the warning.

COPYRIGHT VIOLATION WARNING: This article was first published by TrueBlueTribune and is the sole property of of TrueBlueTribune. The REIT is engaged in the business of acquiring and owning industrial investment properties located in the United States.

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